Rental Property DSCR Loan Sizing Calculator (Free Excel Template)

Description
This free, fully unlocked Excel model answers one question end to end: how big a loan will a DSCR lender actually give you on this rental, and does the deal pass the coverage test? The loan amount is never typed in — it is derived from the lowest of three lender caps: the LTV cap, the DSCR cap (Net Operating Income divided by the minimum DSCR times the mortgage constant), and the debt yield cap. The binding constraint is named and charted so you know exactly which limit is sizing your loan.

Enter the deal (purchase price, appraised value, closing costs, rehab budget, other income) and build a rent roll for up to four unit types, using in-place and market rent. The model underwrites the lesser of in-place and market rent per unit, the Form 1007 convention lenders use. Operating expenses are lender-normalized: a market management fee and annual replacement reserves are charged even if you self-manage the property, which is how a lender underwrites and the single most common gap in DIY rental spreadsheets.

The lender block lets you set interest rate, amortization, maximum LTV, minimum DSCR, minimum debt yield, points and the ongoing DSCR covenant. Results include Year-1 NOI, the three caps, the loan, equity required at close, LTV, debt yield, DSCR, cash-on-cash, a pass/fail verdict, four covenant break-even points and a live sensitivity grid across seven interest rates and five vacancy levels — no data tables, no macros, everything recalculates with F9.

Five worksheets: START HERE, Inputs, NOI & DSCR, Sensitivity, Glossary. 114 live formulas, 0 macros, 0 circular references, 0 Excel errors. Every formula is visible and editable; nothing is password-protected.

WHAT'S NOT INCLUDED (Free edition scope): this underwrites Year 1 only, as a single snapshot. It does not include rent growth or expense inflation, a 10-year projection, the monthly amortization schedule, an interest-only option, Base/Bull/Bear scenarios, a stress test, the cash-out refinance (BRRRR), a 3-statement model, depreciation, the after-tax exit, levered IRR and equity multiple, a DCF, a dashboard, or two further sensitivity grids. All of those are in Rental Property DSCR Underwriting Pro (14 worksheets, 1,596 formulas), searchable separately on this catalog.

Single User License, free of charge. Use it on as many of your own deals as you like, including commercially. You may not redistribute, resell, or repost the file itself — send people to this listing instead, it's free for them too.